3Q22

tpltblogger14 Comments

https://ir.stockpr.com/tpltrust/sec-filings-email/content/0001811074-22-000071/tpl-20220930.htm

  • Royalty 9mo top line nearly double that of same period 2021
  • $.5B of current assets on balance sheet
  • Pace of buybacks increased (but still too small)
  • New $250MM buyback auth next year
  • $3MM land sale (~$25k/acre)
  • Action on surface land revenue generation

This is why we own it. No time to read the Q tonight. Let me know your thoughts in the comments.

14 thoughts on “3Q22”

  1. Here’s our quarterly reminder that what we are experiencing is a reflection of decisions being made at major oil production companies and basically unrelated to actions made by an overpaid board.

    Liked by 1 person

  2. Any idea why TPL always get $10-25 lower per barrel price than spot WTI? Are they locked into a hedge? Seems like we leave serious money on the table

    Like

  3. Regarding the share repurchase, better late than never. That said, too small, and where were they earlier this year when the stock price was $1,000 to $1,300 per share lower. You want to buy low, not buy high. If you can’t trust management/board to buy back their own shares at a reasonable price, do you want to trust them to buy another company? Vote no on 4!

    Liked by 1 person

    • I totally echo your thought about the share buybacks and management having missed the boat of buying up shares when the price was significantly lower. Is it really great value for shareholders if they are purchasing shares on the open market around the current price (~2300), especially if those shares are just going into Treasury and can be reissued for exec compensation? I lean much more favorably towards special dividends these days to ensure we’re getting our slice of the impressive profits.

      Predictably, the question came up on the earnings call this morning about the proposed 3-1 split and double that number of shares to be authorized. Management again just passed if off as some routine strategy to give them more flexibility (and the analyst who asked the question conceded that “it makes sense.”). Sorry, I’m still a big fat ‘No’ on the proposal.

      Liked by 1 person

  4. with T Bills paying about 4%(annually) looks like there should be some mention of money management with almost 500 mil. But our CFO has let some small items go by. There rare some small items at the Texas Unclaimed Proprty web site in the name of our company. If the CFO can’t take care of the samll items how can we expect any results on the big items?

    Like

    • Exactly! We are reaping the benefits of TPL despite such poor management. Imagine how high this will fly when we have a competent management team.

      Liked by 2 people

  5. The share price is meaningless. All that matters is ensuring that David Barry and Co. stop destroying shareholder value! Prop 4 CAN NOT PASS!

    Liked by 2 people

    • Their reputation is that they are not the easiest people to work with. That’s a problem, as it’s something management can control- unlike the price of oil.

      Liked by 1 person

  7. Sweet googlie mooglie…..over $2600/share.

    A moron once quoted “it takes a village to raise a child”. I guess a boardroom full of those children can’t stop the share price from rising.

    Still, I am hoping for a couple of those kids to get sent back to their village soon. Eric, please remain seated.

    Liked by 1 person

Comments are closed.